The board of the International Organisation of Securities Commissions (IOSCO) met in Seoul, South Korea, last week to push forward IOSCO’s work on securing strong, safe and efficient securities markets, which are drivers of global economic growth.
The board hosted a round-table discussion on the impact of technical innovation – or digital disruption— on financial markets and services, and discussed with industry experts how the fast pace of the digital revolution is changing the way financial markets operate; and how securities regulators should address the new challenges and opportunities that emerge.
Greg Medcraft, chairman, IOSCO board, said: “The round table discussion was a good example of IOSCO’s resolve to anticipate significant change and understand the different types of emerging risks that could weaken global markets and undermine investor trust. We need to work with all stakeholders to harvest the opportunities that new technologies can deliver, while mitigating the potential risks.”
Read also: Global investors showing strong interest in India
The board discussed and progressed policy, organisational and strategic issues. On policy issues, the board discussed its priorities for 2015 and progressed IOSCO’s important work with the Financial Stability Board (FSB) on Non-Bank Non-Insurance Systemically Important Financial Institutions (SIFIs) and discussed the timing of implementation of margin requirements for non-cleared OTC derivatives; and discussed IOSCO’s mainstream role and contributions to FSB priorities in 2015, including central counterparties (CCPs), asset management and conduct risk.
They board also supported development of new mandates on secondary bond market liquidity and order routing incentives; discussed current risks in capital markets. Provided direction on a proposal to identify the risks and vulnerabilities in market-based financing and a proposal to develop tools for identifying data gaps and eliminating barriers to data gathering; discussed IOSCO’s important work on cyber resilience, investor protection, credible deterrence, IOSCO’s Extended Multilateral Memorandum of Understanding on cooperation and the exchange of information and cross-border regulation.
received updates from the UK Financial Conduct Authority about their fair and effective markets review and the opportunities for IOSCO to better understand the role IOSCO might play in the important global dimensions of that work; discussed a forward plan for IOSCO’s Assessment Committee to monitor and assess implementation of IOSCO’s principles and standards.
